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The measure the market reaches for first is the close, not the open.
When a new issue ends its debut session exactly where underwriters priced it, the book built correctly: demand met supply without a gap, and no allocation-day gain went to flippers with no intention of holding.
That was Thursday's read when Reformation listed on the New York Stock Exchange under the ticker REF and finished the session flat.
What a flat debut signals Book-runners price an IPO to a range, then in the final hours before launch set the offer price based on where institutional demand actually cleared.
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